$200,000 Mortgage Payment

What is the monthly payment on a $200,000 mortgage?

A $200,000 mortgage is about half the roughly $410,000+ national median home price in 2026. At 6.9% over 30 years with 20% down, the principal-and-interest payment lands around $1,054/month, with your final number shaped by local tax and insurance costs.

How your rate and term change the payment

A $160K loan is small enough that an adjustable-rate mortgage rarely pays off here — the rate discount ARMs offer translates into only a small dollar savings each month, while the downside risk if rates rise later is the same proportionally as on any loan. Most buyers at this level are better served locking a fixed rate. If you're weighing terms, a 15-year loan pushes the payment to about $1,372/month but can cut total interest by more than half.

Don't forget taxes and insurance

Property tax and insurance vary enormously by state on a home this size — from under $100/month combined in low-tax states to $400+/month in higher-cost ones. Don't budget off a national average; pull your target county's actual rate.

Shopping for the best rate

Big national banks don't always compete hardest for a loan this size — smaller balances are less profitable for them, so credit unions and regional or online lenders often beat their rates here. It's worth getting a quote from at least one local credit union alongside the big names before you lock.

Down payment options for a $200,000 home

Here's how different down payment sizes change your loan amount and monthly principal & interest on a $200,000 home, assuming a 6.9% rate on a 30-year term:

Down payment	Loan amount	Monthly P&I
5% ($10,000)	$190K	$1,251/mo + ~$111/mo PMI
10% ($20,000)	$180K	$1,185/mo + ~$105/mo PMI
15% ($30,000)	$170K	$1,120/mo + ~$99/mo PMI
20% ($40,000)	$160K	$1,054/mo

$200,000 home by loan term

Shorter terms typically carry lower rates but higher monthly payments. Here's the tradeoff on a $200,000 home with 20% down ($160K loan):

Term	Monthly P&I	Total interest
30-year at 6.90%	$1,054/mo	$219K
20-year at 6.70%	$1,212/mo	$131K
15-year at 6.25%	$1,372/mo	$87K
10-year at 6.00%	$1,776/mo	$53K

Who typically buys at this price point

At half the national median, $200,000 typically buys in a lower-cost metro, a smaller home, or a starter property in a moderately priced market. FHA financing (3.5% down) is common here — compare it against a conventional loan before deciding which route saves more.

How much income do you need for a $200,000 home?

A single median earner can often qualify for this loan size alone: at roughly $55,875/year in gross income, a $200,000 home sits within reach for many individual buyers rather than requiring two incomes. Lenders will still weigh your other debts through your debt-to-income ratio, so check that separately with our DTI Calculator.

What's a typical down payment on a $200,000 home?

Because this is a small loan, the gap between minimum and standard down payments is modest in dollar terms: FHA's 3.5% minimum comes to $7,000, versus $40,000 for 20% down. That $33,000 difference is worth weighing against how much PMI you'd carry in the meantime — see our down payment guide for the full breakdown.